Fall off in revenue collection worsens

[Lazie]

Latest information from the Ministry of Finance shows inflows into the country's coffers have been $8 billion behind projection.

For the period April to October $159 billion was projected to be collected however $151 billion came in.

The biggest decline was seen in tax revenue down $6.4 billion and the bauxite levy which was $1.5 billion less than expected.

A breakdown of the figures shows General Consumption Tax (GCT) was the main area that was hit.

Collection was down $3.6 billion during the seven month period.

Financial observers have warned that the downturn in the local economy combined with the global financial meltdown will have a severe impact on the Government's revenue target for the 2008/2009 fiscal year.

The Government is keeping its fingers crossed that it will be able to obtain the US$250 million needed to close the fiscal gap, despite the challenging global economic conditions.

http://www.radiojamaica.com/content/view/13686/52/

[Mosiah]

I thought the tax amnesty had fixed this problem. Lazie?

[Lazie]

I thought the tax amnesty had fixed this problem. Lazie?

What was the purpose of the tax amnesty? When did the tax amnesty end Mosiah? If people not purchasing as much as before, wouldn't that affect the GCT revenues?

You are aware that those that was raking in monthly revenues from Cash Plus, Olint, World Wise etc are no longer in such a cozy position?

[Mosiah]

Conveniently, there are other reasons. I wish you could have rationalised then as you do now.

[Lazie]

Conveniently, there are other reasons. I wish you could have rationalised then as you do now.

Nuh boddah wid the spin thing. You're the one that attempted to throw cold water on the idea.

"http://www.reggaeboyzsc.com/forum1/showpost.php?p=96769&postcount=10

"Did Omar have an amnesty period? If you don't know, say so!

For you info, he did, and it was not particularly successful.

Good to see course nuh change." (Omar's #1 cheerleader).

The amnesty was temporary Mosiah. As a matter of fact is the amnesty the only source of revenue? I told you, there is a difference between constructive criticism and being petty. Guess where your latest posts fall?

[Mosiah]

me dun talk!

[Lazie]

me dun talk!

Well .. you shouldn't have started in the first place. Next time tink before yuh talk. OR better yet .. read the article first.

"A breakdown of the figures shows General Consumption Tax (GCT) was the main area that was hit." (The damn article).